MKT 201 Quiz: Marketing Quiz Study Guide 2
Document Summary
Growth- market penetration, market development, product development, diversification. Internal marketing- keep employers on the know through meetings/ other informal means, newsletters, social media. Mountain man- grassroots marketing, target a small group and hope your message will spread. Mountain man persona- low involvement, emotional, optimizing, non compensatory. Value is captured in product strategy, features, strong branding enhances value. Services- intangible, variable, inseparability (can"t separate provider from service itself), perishability. Features (specific attribute that enables product or service to perform its function) vs. benefits (need, satisfaction, outcome) Quality- how well product satisfies customer (superior quality) Packaging- important last thing that someone sees before making the purchase, with label, visual image. Growth- hopefully breakeven point, tend to dominate category if successful, competition, see improvements in the product. Maturity- profits peak, highly competitive, emphasize product differentiation, build & maintain brand loyalty, Can be in this phase for many many years. Skimming- pricing high for people who really want the product.
